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Statoil Makes Non-Commercial Gas Find in Barents Sea

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Norwegian oil and gas major Statoil ASA said Friday that together with partners Eni Norge AS and Petoro AS, they have made a small gas discovery in the Nunatak prospect in the Barents Sea.

MAIN FACTS:

- Well 7220/5-2, drilled by the rig West Hercules, encountered gas but based on the present evaluation the discovery is considered non-commercial.

- Nunatak was the first of four prospects to be drilled in the Johan Castberg area in 2013 with the aim of proving additional volumes for the Johan Castberg field development project.

- Nunatak had the highest geological risk of the four prospects, but it was important to test first due to its immediate proximity to the Skrugard discovery.

- Gro G. Haatvedt, senior vice president exploration Norway, says: "Whilst it is disappointing to find only gas in Nunatak, we believe in further oil potential in the Johan Castberg area."

- Statoil is operator for production licence PL532 with an ownership share of 50 percent. The licence partners are Eni Norge AS (30 percent) and Petoro AS (20 percent).

- At 0721 GMT shares traded 0.6 percent higher at NOK126.50.

Copyright (c) 2012 Dow Jones & Company, Inc.

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